Hanmi Financial (NASDAQ:HAFC) Reaches New 1-Year High - Still a Buy?

Key Points

• Hanmi Financial (NASDAQ:HAFC) hit a new 52-week high, trading as high as $31.39, as the stock continued to outperform its recent moving averages.
• Recent analyst sentiment remains mixed but generally cautious: the consensus rating is Hold with an average price target of $32.10, while Piper Sandler raised its target to $35 and others kept targets near $32.
• The bank reported solid quarterly results, with EPS of $0.75 beating estimates and revenue of $134.95 million topping expectations; it also pays a quarterly dividend of $0.28 per share, yielding about 3.6%.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $31.39 and last traded at $31.3130, with a volume of 25690 shares changing hands. The stock had previously closed at $31.21.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on HAFC shares. Capital One Financial set a $32.00 price target on Hanmi Financial in a report on Thursday, May 28th. Piper Sandler increased their price target on Hanmi Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Brean Capital restated a "neutral" rating and set a $32.00 price target on shares of Hanmi Financial in a report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods increased their price target on Hanmi Financial from $31.50 to $32.00 and gave the company a "market perform" rating in a report on Thursday, April 9th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $32.10.

Hanmi Financial Stock Performance

The stock has a market cap of $922.27 million, a PE ratio of 11.57 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average price of $29.21 and a 200 day moving average price of $28.00.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The bank reported $0.75 EPS for the quarter, beating the consensus estimate of $0.71 by $0.04. The firm had revenue of $134.95 million for the quarter, compared to analyst estimates of $71.40 million. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%. As a group, research analysts forecast that Hanmi Financial Corporation will post 3.16 earnings per share for the current year.

Hanmi Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 4th were paid a dividend of $0.28 per share. The ex-dividend date was Monday, May 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.6%. Hanmi Financial's dividend payout ratio (DPR) is currently 41.79%.

Insider Buying and Selling at Hanmi Financial

In other news, insider Matthew Fuhr sold 3,300 shares of the firm's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total transaction of $101,739.00. Following the transaction, the insider owned 34,002 shares in the company, valued at approximately $1,048,281.66. This trade represents a 8.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Anthony I. Kim sold 5,333 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $30.73, for a total value of $163,883.09. Following the transaction, the insider owned 41,615 shares in the company, valued at approximately $1,278,828.95. This represents a 11.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.12% of the company's stock.

Institutional Investors Weigh In On Hanmi Financial

A number of institutional investors have recently added to or reduced their stakes in HAFC. Royal Bank of Canada boosted its position in Hanmi Financial by 8.1% during the first quarter. Royal Bank of Canada now owns 16,441 shares of the bank's stock valued at $372,000 after purchasing an additional 1,234 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Hanmi Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank's stock worth $405,000 after purchasing an additional 780 shares during the period. Empowered Funds LLC raised its position in Hanmi Financial by 5.4% during the first quarter. Empowered Funds LLC now owns 114,624 shares of the bank's stock valued at $2,597,000 after acquiring an additional 5,920 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Hanmi Financial by 26.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,708 shares of the bank's stock valued at $1,942,000 after acquiring an additional 18,112 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Hanmi Financial by 352.6% in the first quarter. Jane Street Group LLC now owns 44,723 shares of the bank's stock valued at $1,013,000 after buying an additional 34,841 shares in the last quarter. Institutional investors own 88.66% of the company's stock.

Hanmi Financial Company Profile

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.

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